Translations from Your Trusted Advisor.
Back in July we posted an update about several New Hampshire Tax updates and changes, most stemming from the passing of NH’s biennial budget. Last week the Governor signed Senate Bill 101 which will impact the NH Business Profits Tax (BPT).
Last week the IRS updated the frequently asked questions (FAQs) on the paid sick and family leave tax credits under the American Rescue Plan Act of 2021.The new updates now include information regarding COVID-19 immunizations.
Mallory Vincent, MBA •
Have you maximized your potential tax benefits under the child and dependent care credit? The American Rescue Plan Act made several changes to the child and dependent care credit for the 2021 tax year including making this credit refundable for people who live in the United States for more than half the year. This means that you could get the full credit amount for 2021 and even generate a tax refund if you pay childcare expense for your children under age 13. This credit also covers expenses for the care of other people, including a spouse who was physically or mentally incapable of self-care and lived with you for more than have the year. Another example is someone who was physically or mentally incapable of self-care, lived with you for more than half the year, and either (1) was your dependent, or (2) could have been your dependent except that he or she received gross income of $4,300 or more, he or she filed a joint tax return, or you (or your spouse, if filing jointly) could have been claimed as a dependent on another person’s tax return.
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